NOURIEL ROUBINI BLOG tracks the media appearances of Dr Nouriel Roubini his interviews articles debates books news speeches conferences blogs etc..Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics

Friday, August 4, 2017

Roubini : A Dim Outlook for Trumponomics

NEW YORK – Now that
US President Donald Trump has been in office for six months, we can more
confidently assess the prospects for the US economy and economic
policymaking under his administration. And, like Trump’s presidency more
generally, paradoxes abound.

The main puzzle is
the disconnect between the performance of financial markets and the
real. While stock markets continue to reach new highs, the US economy
grew at an average rate of just 2% in the first half of 2017 – slower
growth than under President Barack Obama – and is not expected to
perform much better for the rest of the year.

Stock-market
investors continue to hold out hope that Trump can push through policies
to stimulate growth and increase corporate profits. Moreover, sluggish
wage growth implies that inflation is not reaching the US Federal
Reserve’s target rate, which means that the Fed will have to normalize
interest rates more slowly than expected.

Lower long-term
interest rates and a weaker dollar are good news for US stock markets,
and Trump’s pro-business agenda is still good for individual stocks in
principle, even if the air has been let out of the so-called Trump reflation trade.
And there is now less reason to worry that a massive fiscal-stimulus
program will push up the dollar and force the Fed to raise rates. In
view of the Trump administration’s political ineffectiveness, it is safe
to assume that if there is any stimulus at all, it will be smaller than
expected.

Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics

Nouriel Roubini, (born March 29, 1958, Istanbul, Turkey), Turkish-born American economist and educator who was best known for predicting the 2007–08 subprime mortgage crisis in the United States and the subsequent global financial crisis.

Born to Iranian Jewish parents, Roubini moved with his family to Iran and Israel before they settled in Italy in 1962. After a year at Hebrew University of Jerusalem, he studied economics at Bocconi University in Milan (B.A., 1982) and Harvard University (Ph.D., 1988), where he specialized in macroeconomics and international economics. He joined the economics faculty at Yale University in 1988 and taught there until 1995, when he moved to New York University. He also served as a visiting scholar to the International Monetary Fund (IMF), was a research associate with the National Bureau of Economic Research (NBER), held single-year terms on the White House Council of Economic Advisers (1998–99) and at the U.S. Department of the Treasury (1999–2000), and cofounded (2004) the consulting firm Roubini Global Economics. Roubini spent much of his early career studying countries that experienced extreme economic failures, such as Mexico (in 1994), Thailand and other countries associated with the 1997 Asian financial crisis, Russia (1998), and Argentina (2000). He determined that each shared one common element: a massive current account deficit.(www.britannica.com)

Roubini Quote : "The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown. "

Nouriel Roubini is the Chairman and CEO of Roubini Macro Associates, LLC, his own global macroeconomic consultancy firm. He is also a professor of economics at New York University’s Stern School of Business. Dr. Roubini has extensive policy experience as well as broad academic credentials. From 1998 to 2000, he served as the senior economist for international affairs on the White House Council of Economic Advisors and then the senior advisor to the undersecretary for international affairs at the U.S. Treasury Department, helping to resolve the Asian and global financial crises, among other issues. The International Monetary Fund, the World Bank and numerous other prominent public and private institutions have drawn upon his consulting expertise.

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